In the last few days the bitcoin price has fallen significantly. A similar situation is also faced Ethereum, Bitcoin and Ripple Cash. Analysts believe that the reason for this is the massive sale by the Trustee of the Mt. Gox almost 40,000 Bitcoins.
Recall that the Tokyo bitcoin exchange Mt. Gox was established in 2010. Four years later she was responsible for more than 70% of bitcoin transactions worldwide. Unfortunately, in 2014, the exchange has closed and filed for bankruptcy after the theft of around 850,000 bitcoins.
However, her story did not end there, and creditors of the exchange are still awaiting the return of their lost money. For the damages is responsible, Nobuaki Kobayashi (Nobuaki Kobayashi), a lawyer and Trustee of the Mt. Gox, which for the last seven months sold 35 841 34 008 bitcoin and Bitcoin to cash, more than $ 400 million dollars.
Many industry representatives believe that this influx of bitcoins from sales of Kobayashi contributed to intense volatility in the market in December and January, and also the recent falling of the prices.
The details of the transaction Kobayashi, published previously, indicate that its activity could potentially lead to lower prices for bitcoin in December 2017 and January 2018. It seems that the sale which made Kobayashi became one of the main factors, which strengthened the bearish trend that appears on the news about the normative repression, hacked exchanges, and fraud.
When you reset a large amount of crypto currency the seller is obliged to take all the lower rates, which in turn leads to a rapid drop in prices. Some traders are carefully watching the market may perceive this as a signal of forthcoming collapse and start also quickly sell their stocks. In the end, you can work the snowball effect, and the market collapses.
It should be noted that the Trustee of the Mt. Gox still holds about 166 000 bitcoins intended for sale. However, it is possible that the next release of the Kobayashi will not happen soon. On September 18, 2018 scheduled the regular court proceedings against the bankrupt exchange. There is reason to assume that up to this date, Kobayashi will enter the market with significant sales, and this is good news for bitcoin prices.
However, do not share this optimistic attitude. One of the Japanese investors wrote in his Twitter:
“Nobuaki, already has permission to sell BTC. September 18, scheduled simply the meeting of creditors. It does not affect the sale of BTC. , Nobuaki said he will sell BTC with the permission of the court.”